Abu Dhabi Reveals $436.9 Million Investment in BlackRock’s Bitcoin ETF
The post Abu Dhabi Reveals $436.9 Million Investment in BlackRock’s Bitcoin ETF appeared first on Coinpedia Fintech News
In a recent update, Abu Dhabi on Friday, revealed a massive $436.9 million stake in BlackRock’s iShares Bitcoin ETF (IBIT) as of December 31, 2024. The investment was made through Mubadala Investments, one of the country’s sovereign wealth funds, according to a 13F filing with the SEC. The company makes investments on behalf of Abu Dhabi’s government, which serves as capital city of the United Arab Emirates.
In reaction, Bitcoin’s price jumped about 1%, reaching $97,700, following the news.
Notably, the purchase follows BlackRock securing a commercial license to operate in Abu Dhabi last November. BlackRock manages the largest spot bitcoin ETF, with nearly $56 billion in assets.
While this may be one of Abu Dhabi’s biggest crypto investments, but it’s not the city’s first move into digital assets. In 2023, Abu Dhabi also invested in bitcoin mining, with Marathon Digital and Zero Two announcing plans for a major mining complex in the city.
Mubadala’s investment in Bitcoin ETFs reflects the growing interest of institutional investors in digital assets within traditional finance markets. This move aligns with the wider trend of increased crypto adoption in the Middle East, where governments and financial institutions are showing greater interest in blockchain and digital assets.
